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Wells Fargo's $3 Billion Tax Windfall 'More Than Offsets' Trump's Paltry $1 Billion Fine


#1

Wells Fargo's $3 Billion Tax Windfall 'More Than Offsets' Trump's Paltry $1 Billion Fine

Jake Johnson, staff writer

The Trump administration on Friday slapped Wells Fargo with a billion-dollar fine over its predatory mortgage practices—but the massive bank is still walking away with plenty of cash to spare, thanks to the more than $3 billion it has already pocketed thanks to the G


#2

Seems like both parties had the money thing worked out long before news about the fine came out.

Doesn’t it?


#3

Author sez: "(T)he Mick Mulvaney-led CFPB and much of the corporate media touted the penalty as the Trump administration’s “harshest” and “most aggressive” enforcement action against a Wall Street bank …

Too bad we weren’t treated to a photo of the Wells Fargo execs being frog-marched into court. Oh, wait…


#4

Exactly. And how much was it that the OB administration fined WF for their economic crimes, which have been visible for years? And exactly how many WF executives and large shareholders are doing time under either administration? Just asking’ and all that. I’ll Tweet back later. Gotta run. My Grande Latte is up…


#5

Let’s see here, if I go out and rob millions of people millions of $'s, I go to prison and they lose the key. So the same applies to bankers but worse…What’s that? Oh, it only applies to lowly civilians and bankers have a ‘get out of jail free card’. How do I get one of those magic cards? Oh? I see, I can’t. Shucks. We need a little comic relief from the dreary news from time to time. -:wink:


#6

Yes, it’s like we have not 2 systems, but 3. Jail for the working stiffs, ignoring crimes for the wealthy, and rewards for the .01% for the same crimes.


#7

From the Canary in the Coal Mine as Escalated Regulatory Complaint Case Worker for 11 Years in Wells Fargo Executive Office reporting to Office of the Comptroller of the Currency (OCC):

CFPB fine is hardly a federal Consumer Financial Protection Bureau measure that worked for the 11 years that I was the WF Card Services Executive Office Canary in the Coal Mine logging complaints escalated to the industry’s own self-regulating OCC (Office of the Comptroller of the Currency). WF shareholders not business modeling executives or bank officers wind up paying those fines.

My own Oregon junior Senator Jeff Merkley and his staff received quite a few detailed descriptions from me of the OCC slaps on the wrist to WFCS (Wells Fargo Card Services) for the 11 years I reported to them and remained silent publicly as per employee agreement.

Once WF was bailed out by TARP and allowed to use the fungible tax-payer funds to buy an even bigger bank on the east coast, the Narco Money Laundering convicted WACHOVIA BANCORP, my job as highly commended by CEO\BOARD CHAIRMAN Dick Kovacevich Consumer Advocate and Regulatory Caseworker was downsized here in Oregon.
https://www.usnews.com/opinion/articles/2016-09-19/wells-fargo-problem-is-fake-accounts-were-part-of-the-profit-system

My own Junior Senator Merkley co-chaired with Massachusetts Senator Elizabeth Warren the summer 2016 (Presidential election marathon season) televised hearings where then Wells Fargo CEO\CHAIRMAN OF THE BOARD OF DIRECTORS John Stumpf was grilled about those regulatory complaints and years of fines paid by shareholders.

Meanwhile the stock valuation kept rising and Stumpf and his underlings banked hundreds of millions of dollars in Executive Compensation. There has yet to be since revelations in 2007-08 any criminal prosecution. Fines paid by share-holders have had zero deterrent effect and my Senate Finance Committee co-chair hasn’t had any interest in reaching out to his constituent who spent over a decade as the Canary in the Coal Mine at Wells Fargo Card Services Executive Office, with my case work of escalated complaints being audited unannounced and ranking in the 90th percentile for thoroughness of spread-sheets and detailed response to the complainants and OCC!

Mitch Ritter\Paradigm Shifters
Lay-Low Studios, Ore-Wa
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